San Diego MLS statistics show a steady increase in new listings the last two weeks of April and into our first week of May 2020. Real Estate appears to be recovering well following the COVID-19 blow in March.
While there remains reluctance for many sellers to place their homes on the market, others who were prepping to sell when the coronavirus disrupted their plans recognize the pause in the market may have benefited them since buyer demand remains strong and inventory remains below average for the time of year.
Purchase mortgage applications increased 6% nationally last week, up for the third week in a row. Versus a year ago, purchase applications are down 19%, but climbing back, demand now within 15% of pre-shutdown levels.
Fannie Mae projects low mortgage rates will send refis through the roof, to $1.4 trillion in 2020, the most since 2012. The extra money lower monthly payments will put in homeowners' pockets should do a lot to restore economic growth.
The chief economist for a national online listing site says the housing market bottom is "pretty much now," as new listings head upward. This is great news for buyers who have been waiting for inventory to enter the market.
Have you been wondering if now is a good time to buy or sell? Contact me and let's talk about your particular situation.